Obama: My administration stabilized an economy on cusp of depression

President Obama says his administration staved off a dire economic situation when he took office in 2009, even if Americans are still skeptical about the recovery and whether Wall Street is winning while the middle class struggles to get ahead.

"The economy was on the verge of a great depression. … We came in, stabilized the situation," Mr. Obama said Sunday on ABC's "This Week With George Stephanopoulos."

Mr. Obama said firms can move business anywhere they want in the world to pay lower wages, so it is vital that Americans have skills that keep them competitive, to "make the situation better," even if it does not solve all of the economy's ills.

He said no economist would agree with Republicans' ideas on steep spending cuts at this juncture, while GOP critics say lagging job growth shows the "Obama economy" is simply not working.